Legal & General said on Monday that Sir Nigel Wilson plans to retire from executive life after more than a decade as chief executive.
Wilson joined Legal & General in 2009 as chief financial officer and was appointed chief executive in 2012.
The company will commence a rigorous process to appoint a successor, considering both internal and external candidates.
Wilson will continue as chief executive until the new chief executive starts and he will support a smooth transition following their appointment.
The company said it is envisaged that this process will take around a year.
Sir John Kingman, Group Chair: “The board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost fourteen years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.
Under his stewardship, the group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.
Nigel’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new chief executive who can continue delivering on the group’s immense potential.”
Sir Nigel Wilson, Group Chief Executive: “Legal & General has been a big part of my life and my decision to retire from the group has been taken with mixed emotions. It has been an honour and privilege to serve as chief executive of Legal & General over the past decade and I am deeply proud of everything we have achieved. It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefitted hugely from the support of an outstanding Board.
I firmly believe we have laid strong foundations to support the next phase of growth for the Group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.
I remain fully committed to delivering the current strategy of the group, in partnership with the executive team, and supporting the transition to a new chief executive.”